The Supreme Court of Nigeria on Wednesday varied its order in the Judgment on Old/New Naira decided between the Federal Government and States of Federation by extending the validity of the Old Naira notes to continue to circulate as Legal Tender with the New Naira notes beyond 31 December, 2023. Justice Emmanuel Agim who read
The Supreme Court of Nigeria on Wednesday varied its order in the Judgment on Old/New Naira decided between the Federal Government and States of Federation by extending the validity of the Old Naira notes to continue to circulate as Legal Tender with the New Naira notes beyond 31 December, 2023.
Justice Emmanuel Agim who read the lead judgement on 15 February,2023 ordered they the old N200,N500 and N1000 notes remain in circulation till 31 December,2023.
The apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
The Attorneys General of Kogi, Kaduna, Zamfara, Lagos, Cross River, ,Ekiti, Ondo and Sokoto states dragged the Federal Government to the Supreme Court over the introduction of the new naira Notes and the introduction of new ones.
But on Wednesday, the Attorney General of Federation and Minister for Justice Prince Lateef Fagbemi Senior Advocate of Nigeria (SAN) brought an application for the extension before the apex court.
There have been relative scarcity of both old and New Naira Notes in banks which is attributed to panicky hoarding of the notes have hit many States of the Federation ahead of December, 2023 Supreme Court deadline and the intervention of the Supreme Court is necessary to normalise the situation.
The Attorneys General of States who filed the suit before the Supreme Court were represented in Court, except two states who were duly served with hearing notice but did not send Counsels to represent them.
Sir Charles Titiloye, Attorney General and Commissioner of Justice of Ondo who appeared for the 4th Respondent and other counsels did not oppose the application.
The Supreme Court as the Apex Court in Nigeria rarely revisits its Judgment.
However, the Supreme Court in its ruling on the application noted that since all parties to the Suit did not oppose the application, it will vary the judgment consequential orders and allow the old/New Naira notes to continue to be legal tender in Nigeria until the Federal Government decides to withdraw same after the completion of consultation with critical stakeholders and putting in place adequate measures to support the policy.